 | Smart contracts are a technology that has made the creation of decentralized applications possible. Their advantage is that they can be intermediaries in the execution of transactions, being absolutely honest.⠀ How does it work? Smart contracts are a kind of electronic intermediary. So, there is a transaction between party A and B. Party A undertakes to transfer funds as soon as it receives something from Party B. Party B undertakes to transfer something as soon as it receives funds. What to do in a situation with zero trust? Create a contract that will transfer funds as soon as it sees that party B has transferred something. This is exactly what a smart contract does. Its fulfillment occurs if and only if both parties have fulfilled all the terms of the transaction. DMD uses smart contracts to ensure maximum honesty and transparency. 📢 Learn more: https://bit.diamonds [link] [comments] |
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Smart contracts are a technology that has made the creation of decentralized applications possible. Their advantage is that they can be intermediaries in the execution of transactions, being absolutely honest.⠀ How does it work? Smart contracts are a kind of electronic intermediary. So, there is a transaction between party A and B. Party A undertakes to transfer funds as soon as it receives…
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